Canoo's Bleak Forecast Sparks Stock Tumble
TL;DR
Electric vehicle maker Canoo forecasts 2024 revenue well below analyst expectations, leading to a 38% drop in its shares in extended trading. The company, which has been struggling with dwindling capital and uncertain demand, reported a net loss of $302.6 million for the year ended Dec. 31. The broader slowdown in demand for battery-powered cars, driven by high-interest rates and competition, has impacted startups and major automakers alike, making it difficult for firms like Canoo to raise more money.
Topics:businessbusiness-electric-vehicles#business-electric-vehicles#canoo#capital-raising#electric-vehicles#ev-industry#revenue-forecast
- EV startup Canoo's 2024 revenue forecast disappoints, shares tumble Reuters
- Canoo raises doubts about its ability to continue as a going concern Marketscreener.com
- Canoo’s downbeat forecast sends stock tumbling, in latest EV setback MarketWatch
- Canoo's (GOEV) management identified substantial doubt about ability to continue as a going concern StreetInsider.com
- EV startup Canoo warns about future with dwindling cash Yahoo Finance
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